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BoB narrows net loss to Rs 991 crore in Q4 FY19

PW Bureau

For the entire financial year, BoB’s standalone and consolidated profit stood at Rs 433 crore and Rs 1,100 crore, respectively

New Delhi: State-run public lender Bank of Baroda (BoB) narrowed net loss to Rs 991 crore in the fourth quarter of financial year 2018-19, as opposed to a net loss of Rs 3,102.34 crore in the corresponding quarter of financial year 2017-18. However, in the third quarter of FY2017-18, BoB had posted a net profit of Rs 471.25 crore. In a regulatory filing, BoB said, “The bank recorded loss on a standalone basis of Rs 991 crore for fourth (quarter of) 2018-19 due to acceleration in provisions.”

Consolidated profit stood at Rs 1,100 cr

For the entire financial year, BoB’s standalone and consolidated profit stood at Rs 433 crore and Rs 1,100 crore, respectively. In comparison, there were losses of Rs 2,431.81 crore and Rs 1,887.10 crore on standalone and consolidated basis the year-ago period.

Total income for Q4 stood at Rs 15,284.59 crore

Total income in the March quarter of FY 2018-19 stood at Rs 15,284.59 crore, against Rs 12,735.16 crore a year. For the entire financial year that ended on March 31, standalone income increased by 11.4 percent to settled at Rs 56,065.10 crore and on the consolidated basis, it rose by 12.5 percent to Rs 60,793.30 crore.

NPAs declined by 9.61 percent

The bank’s gross non-performing assets (NPAs) declined to 9.61 percent of the gross advances at the end of Q4, against 12.26 percent in the corresponding period a year ago.

Net NPAs were 3.33 percent, down from 5.49 percent. The absolute amount of net NPAs also went down by Rs 3,521 crore to Rs 15,609 crore, the lowest in eight quarters, BoB said.

Provisioning for bad loans

BoB said that it set aside Rs 5,550.10 crore as provisioning for bad loans and diminution value of all restructured accounts. In FY2017-18, such provisions stood at Rs 7,052.53 crore.